Gold has always been a safe haven for investors, and recent market trends have once again proven its value. The combination of easing US inflation, as indicated by the latest CPI data, and geopolitical instability in the Middle East is driving the price of gold higher. Experts suggest gold could remain elevated in the near term.
US Inflation Data and Gold Prices
The Consumer Price Index (CPI) data released last week was a key factor influencing gold’s price. Inflation pressures in the US have softened, prompting speculation about a rate cut by the Federal Reserve. This has caused a surge in gold prices, with MCX gold reaching ₹76,307 per 10 grams and spot gold trading at $2,657 per ounce.
Geopolitical Tensions: Israel-Iran Conflict
As geopolitical tensions rise between Israel and Iran, safe-haven assets like gold have become more attractive to investors. Market experts, including Amnuj Gupta from HDFC Securities, predict that gold rates may climb even higher, potentially touching ₹78,000 per 10 grams by Diwali if the conflict continues.
Gold Rate Predictions
- Current Gold Price: ₹76,307 per 10 grams (MCX)
- Spot Gold Price: $2,657 per ounce
- Experts’ Prediction: ₹78,000 per 10 grams by Diwali 2024 if tensions persist.
Conclusion
Gold continues to shine in a volatile market driven by geopolitical uncertainties and inflation data. Investors are advised to monitor global events closely, as gold prices may continue to rise in the near term.
Disclaimer
The information in this article is for educational purposes only and should not be considered financial advice.
